Service Vendor Discovery in the manufacturing Industry – Simplify by making an informed choice 

Discovering and managing the right vendors is crucial for the growth of any organization.

In the manufacturing industry, the discovery of service vendors is done primarily through age-old techniques, such as offline directories, personal networks/references, and generalized online search engines like Google, resulting in manual effort, inefficiencies and missed opportunities.

Service procurement includes all kinds of engineering requirements across projects, operations and maintenance. This includes a combination of supply, installation, maintenance, safety etc.

 

The conventional process of service procurement in the manufacturing industry goes through informal stages and procedures which have many disadvantages. 

 

Let us start by looking at the challenges faced by managers who are engaged in services procurement. 

 

1. Fewer Options and Time-Consuming Process

In the traditional process, initially, a manager relies on their personal networks or networks of other managers to identify and scout vendors for collaboration when a service requirement arises.

They also search online and try to contact suppliers via listings and directories. These limited channels only help in obtaining the contact details of the vendor.

The manager still has to spend his valuable time and effort in pre-screening these vendors in order to understand their capabilities. After this effort, buyers are still left with a small pool of options to choose from.

The whole process of discovery itself may take weeks to months to shortlist the most suitable vendor. Time is money. 

This hampers a company's pace of operations or projects which reflects in its financial performance. 

2. Incomplete and Unorganized Vendor Data  

Services procurement is always customized as per a user’s requirement and thus it is not possible to buy services off the shelf from any vendor.

That is the reason traditional services procurement is not generally organized or transparent.

Purchasing or procuring services necessitates a thorough evaluation of service providers which entails gathering and assessing a lot of qualitative data from the vendor like technical capabilities, financial capabilities, past experience and clients, etc.

It is a huge manual task to follow up and aggregate all the relevant details and documents from vendors. Eventually, managers are left with low-confidence data points and are not able to make informed and well-considered decisions.

 

3. No Reviews or Testimonials 

While seller/vendor reviews have become absolutely necessary for B2C buyers to make an informed decision, it still has to become mainstream for B2B purchases - especially services.

Due to the absence of the right tools and feedback mechanisms, vendors usually do not maintain customer reviews or testimonials about their previous works.

A nod of approval in the form of a review/referral from another company with which the vendor does business can reveal a lot about their genuine capabilities and professionalism. 

 

4. Measuring the right price

Most of the time, a manager who is restricted by access to a small pool of service vendors is ultimately constrained with price discovery.

The unavailability of pricing benchmarks forces the manager into blind negotiation and ultimately higher pricing.

Having more pre-qualified vendor options implies stronger competition among them to deliver better quality services at the lowest possible price. 

Thus, the whole traditional process of vendor discovery and evaluation is tedious and inefficient.

Venwiz aims to close this gap by providing a full-fledged solution by digitally organizing end-to-end service engagements for each factory, from finding the best service providers to collaborating with them and carrying out the job. 

 

Read the solutions offered by Venwiz platform to overcome all the challenges in vendor discovery and management processes highlighted above:

 

1. Verified Quality and Background of Vendors

Venwiz is the ‘go-to’ platform for helping managers across manufacturing industries discover, assess and collaborate with verified and genuine vendors from across the country.

At each stage, rigorous verification and relevancy checks are performed to guarantee that the vendor information is correct.

 

2. Compare and Find the Right Vendor Quickly 

Venwiz reduces the time and cost of vendor discovery by previewing verified and detailed vendor profiles relevant only to the business requirements, in a structured way to save time and effort, especially helping buyers reach the shortlisting stage within a few minutes (a process that would otherwise take weeks).

Venwiz provides intelligent filtering and suggested job categories, as well as a smooth interface to zero down the results and help buyers match with the right vendor.

3. Transparency: Holistic Vendor Profiling

On Venwiz, holistic vendor profiles are created and data is organized for intelligent vendor selection. Vendors’ capabilities, experience, certificates, references, communication and timelines are verified and recorded in their digital profiles. 

The manager can access any verified digital profile and assess if the vendor can be considered for a job...within minutes 

 This will help a  manager in the manufacturing industry, giving them the ability to quickly assess whether the vendor is the right match for the job and increase the chances of a vendor being available for the job.

4. Reviews and Ratings

Venwiz gives the option to review and share feedback under all vendor profiles as well as view previous client experiences to assist the manager in making their decision. 

Reviews and testimonials against a vendor profile by their previous clients are one of the most important decision-making criteria empowering managers to make an informed choice. 

 

5. Price Comparison 

Venwiz aggregates service vendors in the manufacturing industry from across the country to provide the buyer more scope for price negotiations and give options. 

This not only enables managers to discover the right vendor, but also empowers them with the power of negotiation. Right quality at minimal cost is the ultimate goal of every manager. 

 

Join Venwiz today to source and collaborate with vendors through a single digital platform in a simplified, efficient and smart way.

 

To read about other features of the Venwiz platform, click here

Venwiz: Powering Industrial Services through discovery, connection & collaboration

The process of industrial services procurement has remained unchanged over decades, for operations, project, and maintenance managers as well as vendors, in manufacturing and allied industries. The traditional process is also familiar to them, and thus remains the primary mode of operation, despite large-scale digitization across other parts of the industry. However, familiarity with a process does not guarantee efficiency or even results.

 

This is what the founders of Venwiz realized while working in the manufacturing industry. They witnessed the challenges faced by manufacturers and vendors firsthand. Thus prompting the question:

 

What if we told you there was a way in which digitization could not only improve the process but also reduce time, increase efficiency and improve collaboration?

Thus Venwiz was created as a one-stop solution and one of the most powerful tools for your business whether you are a manufacturer or a vendor.

 


What can Venwiz do for you?

Let us begin by defining our solutions at a micro-level for our primary stakeholders i.e. Operations, Project or Maintenance managers & Vendors. With Venwiz, you get a full-fledged solution that is focused on improving your service procurement journey, within the manufacturing and allied industries.

 

 

If you are a Manufacturer, Venwiz can help you:

 

  • Reduce time and cost of vendor discovery, preview vetted and comprehensive vendor profiles to evaluate a vendor 
  • Engage with vendors digitally via the platform
  • Access a large valuable network of relevant service vendors leading to better price discovery 
  • Benchmark your existing vendors against a larger pool outside your network
  • Review and share feedback as well as view previous client experiences for vendors 

You can request to join us via this form or you can join our waitlist.

 

As a vendor once you sign up on Venwiz, you get:

  • Simplified registration
  • Connected to qualified and high-value business leads from across India
  • Introduced to the relevant stakeholders within a manufacturing facility
  • Expand business into new geographies or verticals based on real demand
  • SaaS features that enable you to manage your business and communications through a single window
  • Feedback on your performance from clients and insights on skill gaps

Share your details with us via this form to join our waitlist.

 

To give you a better understanding of how Venwiz is changing the landscape of industrial service procurement for you, let us walk you through a simple comparison of the traditional process that most managers and vendors are familiar with, versus the Venwiz experience. 

Note: Industrial Services encompass a broad range of activities that a shop floor manager needs to source from vendors to ensure continuous and smooth operations at a manufacturing plant.


Traditional Industrial Service Procurement in India:

Traditionally, industrial service procurement goes through the stages of offline discovery of service vendors, informal scoping, and job collaboration which is not only expensive and laborious but also time-consuming for managers.

 

 

Whenever a service requirement is identified, a manager initially relies on their personal network or networks of other managers to source/discover the right vendors to collaborate with. Alternatively, they search online and try to contact vendors via listings and directories. This process could take anywhere from a few weeks to months, to get to the stage of shortlisting. The number of service vendors that can be evaluated by a manager, is also limited by these networks, lists, and directories and remains unorganized.

 

 

Most of the time when evaluating a limited pool of vendors over a long period, a manager who is deprived of a larger choice will ultimately be limited with price discovery as well. There is also a huge dependency on the availability of those particular vendors to do the job, at the required time.

 

 

Additionally, as service procurement is not uniformly standardized it cannot be procured right off the shelf.

 

Purchasing or procuring customized services requires a deep evaluation of the appropriate service vendor. Everything from their capabilities to scope of work and experience of past clients would need to be verified, thus making it both a qualitative as well as a quantitative evaluation, something that is not readily available even after you can discover vendors within the network.

 



The Venwiz Solution: 

At Venwiz, we are addressing these challenges at their core. Our solution is a simple, yet powerful AI-driven platform that will help our users discover service vendors who are relevant only to their requirements, saving stakeholders time and effort, especially helping them reach the shortlisting stage within a few minutes (a process that would otherwise take months). We aggregate service vendors from across the country and equip them with a detailed 360-degree business profile. This profile will also help managers, giving them the ability to quickly assess whether the vendor is the right match for the job.We have also considered the barrier of improving how vendors & manufacturers communicate;

 

All of these challenges faced are taken into account and addressed comprehensively, from the point of view of the industry, considering all stakeholders in the process of industrial service procurement. 

 

Our goal is to be your one-stop solution for all the service requirements at a manufacturing facility. We are currently in the process of helping managers discover prescreened vendors on our platform and access all relevant information required to shortlist them. Join us today to initiate your journey towards becoming more efficient and streamlining your process of industrial service procurement.

 


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